Evening Traders,
Today’s analysis – GBPNZD – trading above the Local S/R with technical confluence, further upside is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(200 MA Confluence)
- Daily S/R Resistance
- Oscillators Neutral
GBPNZD’s immediate price action is impulsive, trading above its local S/R that is in technical confluence with the 200MA S/R, this allows for a bullish bias.
The Daily S/R is current objective, exceeding this level increases the probability of testing the 1.618 Fibonacci Extension.
Both oscillators are trading neutral, remaining in their respective bullish control zones is indicative of strength.
Overall, in my opinion, GBPNZD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
Today’s analysis – GBPNZD – trading above the Local S/R with technical confluence, further upside is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(200 MA Confluence)
- Daily S/R Resistance
- Oscillators Neutral
GBPNZD’s immediate price action is impulsive, trading above its local S/R that is in technical confluence with the 200MA S/R, this allows for a bullish bias.
The Daily S/R is current objective, exceeding this level increases the probability of testing the 1.618 Fibonacci Extension.
Both oscillators are trading neutral, remaining in their respective bullish control zones is indicative of strength.
Overall, in my opinion, GBPNZD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader